NOT LISTED FOR SALE
12 Beds
6 Baths
3,898 Sq Ft
6,655 Sq Ft Lot

Last Sold March 29, 2024

Last sale price $1,600,000 $410 Per Sq Ft

21 Days on Market

Highlights

  • Gated Community
  • Neighborhood Views
  • Laundry Room
  • Property is near a park
  • Living Room
  • No Interior Steps

About This Home

As of March 2024

Outstanding opportunity to bolster your investment portfolio with this bread and butter 6 unit residential income property in West Long Beach, CA. All units are 2 bedrooms and one bathroom with updated interiors. The six units are rented with the property offering a 6.02% cap rate and 11.87 GRM based on current rents, 2023 actual expenses and an estimated new property tax amount. 12 uncovered, tandem parking spaces located in the rear of the building and a convenient onsite laundry room. Popular rental area of Long Beach with close proximity to the Port, Harbor, Terminal Island and neighboring cities such as San Pedro, Harbor City and Torrance. This property has been well maintained and self-managed by owners for over 15 years.

Last Agent to Sell the Property

Paul Gustin

Coldwell Banker Realty Brokerage Phone: 562-301-7656 License #01179144 Listed on: 02/05/2024

Coldwell Banker Realty

Last Buyer's Agent

Dave Salzman

Engel & Völkers LA South Bay License #00952732

Engel & Völkers LA South Bay

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1959

Lot Details

  • 6,655 Sq Ft Lot
  • No Common Walls
  • West Facing Home
  • Wrought Iron Fence
  • Rectangular Lot

Interior Spaces

  • 3,898 Sq Ft Home
  • 2-Story Property
  • Ceiling Fan
  • Blinds
  • Living Room
  • Neighborhood Views

Kitchen

  • Gas Oven
  • Gas Range
  • Dishwasher
  • Laminate Countertops
  • Formica Countertops

Flooring

  • Carpet
  • Laminate
  • Tile

Bedrooms and Bathrooms

  • 12 Bedrooms
  • 6 Bathrooms

Laundry

  • Laundry Room
  • Leased Washer and Dryer

Home Security

  • Window Bars
  • Security Lights
  • Fire and Smoke Detector

Parking

  • 12 Open Parking Spaces
  • 12 Parking Spaces
  • Parking Available
  • Tandem Uncovered Parking
  • Paved Parking
  • Parking Lot
  • Off-Street Parking

Location

  • Property is near a park
  • Property is near public transit
  • Urban Location

Utilities

  • Wall Furnace
  • Septic Type Unknown
  • Cable TV Available

Additional Features

  • No Interior Steps
  • Exterior Lighting

Listing and Financial Details

  • Tenant pays for cable TV, electricity, gas, trash collection
  • Legal Lot and Block 25 / 10
  • Tax Tract Number 1833
  • Assessor Parcel Number 7431026021

Community Details

Overview

  • 6 Units
  • Westside/South Of Willow Subdivision

Building Details

  • 6 Leased Units
  • Rent Control
  • 6 Separate Electric Meters
  • 6 Separate Gas Meters
  • 1 Separate Water Meter
  • Electric Expense $360
  • Gardener Expense $660
  • Insurance Expense $4,022
  • Maintenance Expense $4,332
  • Other Expense $2,500
  • Pest Control $2,000
  • Supplies Expense $120
  • Water Sewer Expense $4,560
  • New Taxes Expense $20,000
  • Operating Expense $39,554
  • Gross Income $138,894
  • Net Operating Income $99,340

Additional Features

  • Laundry Facilities
  • Gated Community

Property Details

Home Type

Multi-Family

Year Built

Built in 1959

Lot Details

0

Listing Details

  • Assessments: Yes
  • CapRate: 6.02
  • Price Per Unit: 275000
  • Property Attached: No
  • Security: Gated Community, Security Lights, Smoke Detector(s), Window Bars
  • Subdivision Name Other: Westside/South of Willow (WSW)
  • Supplies Expense: 120.00
  • View: Yes
  • Water Sewer Expenses: 4560.00
  • Zoning: LBR2N
  • Property Sub Type: Commercial/Residential
  • Property Type: Residential Income
  • Gardener Expense: 660.00
  • Parcel Number: 7431026021
  • Year Built: 1959
  • Special Features: None

Interior Features

  • Fireplace: No
  • Interior Amenities: Ceiling Fan(s), Formica Counters, Laminate Counters
  • Stories: 2
  • Entry Location: 1
  • Common Walls: No Common Walls
  • Flooring: Carpet, Laminate, Tile
  • Accessibility Features: No Interior Steps
  • Appliances: Yes
  • Entry Level: 1
  • Levels: Two
  • Price Per Square Foot: 410.47
  • Room Type: Kitchen, Living Room
  • Window Features: Blinds

Exterior Features

  • Direction Faces: West
  • Exterior Features: Lighting
  • View: Neighborhood
  • Fence: Yes
  • Fencing: Wrought Iron
  • Pool Private: No
  • Spa: No

Garage/Parking

  • Parking: Yes
  • Parking Features: Paved, Off Street, Parking Space, Tandem Uncovered
  • Total Parking Spaces: 12.00
  • Uncovered Spaces: 12.00

Utilities

  • Utilities: Cable Available
  • Heating: Yes
  • Laundry: Yes
  • Appliances: Dishwasher, Gas Oven, Gas Range
  • Heating Type: Wall Furnace
  • Laundry Features: Community, Individual Room
  • Pest Control Expense: 2000.00
  • Sewer: Unknown

Condo/Co-op/Association

  • Senior Community: No
  • Community Features: Urban

Lot Info

  • Additional Parcels: No
  • Land Lease: No
  • Lot Features: Rectangular Lot, Near Public Transit, Park Nearby
  • Lot Size Sq Ft: 6655.00
  • Lot Size Acres: 0.1528
  • Latitude Manual: 33.79187300

Rental Info

  • Tenant Pays: Cable TV, Electricity, Gas, Trash Collection

Multi Family

  • Electric Expense: 360.00
  • Gross Income: 138894.00
  • Gross Multiplier: 11.87
  • Gross Scheduled Income: 138894.00
  • Gross Spendable Income: 99340.00
  • Insurance Expense: 4022.00
  • Laundry Equipment Own Lease: Lease
  • Laundry Income: 378.00
  • Lot Size Area: 6655.0000 Square Feet
  • Maintenance Expense: 4332.00
  • Net Operating Income: 99340.00
  • Number Of Separate Electric Meters: 6
  • Number Of Separate Gas Meters: 6
  • Number Of Separate Water Meters: 1
  • Number Of Units Leased: 6
  • Number Of Units Total: 6
  • Number With Carpet: 6
  • Number With Dishwasher: 6
  • Number With Disposal: 6
  • Number With Range: 6
  • Operating Expense: 39554.00
  • Other Expense: 2500.00
  • Other Expense Description: repairs
  • Other Income Description: Laundry Income from 2022
  • Rent Control: Yes
  • Total Actual Rent: 138516.00
  • Total Expenses: 39554.00

Tax Info

  • New Taxes Expense: 20000.00
  • Tax Block: 10
  • Tax Census Tract: 5780.00
  • Tax Lot: 25
  • Tax Tract Number: 1833

Range of Values:

Collateral Analytics

Collateral Analytics Collateral Analytics AVMs (Automated Valuation Model) employ a number of statistical approaches combined with neighborhood-specific comparable selection guarantees the most up-to-date and precise valuations.

Not Available

Collateral Analytics does not have data for the current month. Please view the chart for historical values.

ICE

ICE Mortgage Technology ICE Mortgage Technology’s AVM (Automated Valuation Model) is a state-of-the-art online residential property valuation tool that provides a quick and accurate estimate of the value of almost any home in the U.S.

Not Available

ICE Mortgage Technology does not have data for the current month. Please view the chart for historical values.

First American

First American First American Data & Analytics’ next-generation AVM combines unrivaled data assets with a blended ensemble of valuation models to produce highly accurate, reliable valuations you can trust.

Not Available

First American does not have data for the current month. Please view the chart for historical values.

Quantarium

Quantarium Quantarium’s valuation service, repeatedly proven the industry’s most accurate and comprehensive, is supercharged with a self-learning and auto-tuning AI engine that continually becomes smarter and more accurate as it processes daily inputs from the industry’s leading RE data lake.

Not Available

Quantarium does not have data for the current month. Please view the chart for historical values.

Average Value
Not Available
List Price
Sold Price
Create a Home Valuation Report for This Property
The Home Valuation Report is an in-depth analysis detailing your home's value as well as a comparison with similar homes in the area

Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Property History

Date Event Price Change Sq Ft Price
03/29/2024 03/29/24 Sold $1,600,000 -3.0% $410 / Sq Ft
02/27/2024 02/27/24 Pending -- -- --
02/05/2024 02/05/24 For Sale $1,650,000 -- $423 / Sq Ft
Source: California Regional Multiple Listing Service (CRMLS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • Section Image
  • Section Image
See All Agents

Map

Source: California Regional Multiple Listing Service (CRMLS)

MLS Number: PW24021012

California Regional Multiple Listing Service (CRMLS)